The best reference any insurance agency can ask for is your history.
Laizer Schonbrun, insurance agent par excellence, works for one of the fastest growing agencies in the United States. He recounts the following success story regarding a tenant-occupied account.
“I really felt bad for a renter-occupied homeowner. He called us on a whim and complained about how his bank had imposed a specific insurance policy on him. Not only did the coverage seem inappropriate, but the associated premium was too high . .
“As always, I was there to help in any way I could. I got to work exploring my agency’s network of underwriters and, in less than a day, found more coverage that was more appropriate in an extremely competitive quote that I put together. A thereafter, he sent the new insurance information to the bank.
“In my daily experience, this was just another insurance success! For the new client, it was a day of relief and a huge dose of thanks for me and my team!”
The following information on renter-occupied housing is only a brief summary.
However, it serves to inform the public in a meaningful way.
Renter-occupied housing and corresponding insurance options
If you own a primary residence that you rent sporadically for short periods, an independent agency can check the insurers you deal with to find a temporary rental policy. If not, you’ll need a related rider attached to your current home insurance.
If you want to continuously rent out your primary residence for a short period of time to different tenants, you will probably need a commercial policy, such as that provided to hotels, motels.
On the other hand, if you own a vacation home or investment property that you want to rent long-term, an owner’s policy is mandatory.
This type of policy includes the following forms of coverage:
• Physical damage coverage
• Personal property coverage (for appliances left for renter’s use)
• Liability coverage
Loss of rental coverage is something the landlord can also opt out of. This protects you in the event your tenant leaves and a replacement tenant cannot be found. It also protects you from financial loss when you are unable to rent your property due to repair or reconstruction work required as a result of damage that is covered by your policy.
For more information on renter-occupied housing insurance, talk to an independent professional agency with a reputation that the customer is the center of operations.